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Dovey Wan 🗝 🦖
@DoveyWan
, 4 tweets, 2 min read Read on Twitter
BREAKING

Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police

😱😱😱

GXChain was a very hot ICO back in the days with ATH market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs ...
tbh I have no idea why the police took action against GXchain instead of 10000 other Chinese scams, as GXchain has a real business behind. The trigger might be their data business- they sell processed personal credit data, which is a highly sensitive area now in China
video footage from onsite checking of GXchain's office, it's been emptied out and sealed up
Latest update from who’s close with Hangzhou local police - all executives of GXchain are now with the police for interrogation
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Dovey Wan 🗝 🦖
@DoveyWan
JUST IN

as per sir @loomdart ‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH

I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells
1. PlusToken started in mid 2018, was a pure ponzi with a wallet front with offers “high yield investment return”.

It has 4 layers of membership structure, each will get diff % of rebate. In early 2019, it claimed its membership has over 10M

And attached are its addresses
2. Above addresses are only the known ones, according to police report the total scammed amount is about $3B. The core team member were chased down by police 2 months ago and will be in jail for decades.

However, the cryptocurrency they scammed is not able to be crawled back
Read 8 tweets
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Dovey Wan 🗝 🦖
@DoveyWan
JUSTIN IN - China is ALMOST FINISHED its own digital fiat currency and plans to start trial by the end of this year

And instead of calling it CBDC, PBOC refers it as “DC/EP” (digital currency and electronic payment), so it gonna emphasize more on payment/settlement

GAME ON 😈
In a closed door PBOC planning meeting today, further accelerate the progress of Digital Reminbi becomes the main agenda of it. And PBOC executive brought up both Libra and Bitcoin, claimed both can’t meet the expectation of a highly scalable and parallel payment system
This is a exclusive forum (“Financial Forum of 40 People”) held by PBOC.

A few highlight of the meeting as below -

1. “Pure” Blockchain infra can’t meet ends need of daily operation for retail banking

2. Hence stuff will be structured on private cloud of PBOC (fine ...)
Read 8 tweets
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Dovey Wan 🗝 🦖
@DoveyWan
"Chinese buying up Bitcoin" is a VERY dubious narrative IMO

1. Bitcoin is trading at a negative premium in Chinese centric exchanges like Huobi and Okex

2. RMB denominated OTC price is now at 1% premium, within its normal range since the bull
I personally think the overall global financial uncertainty does help push up the market, but capital might come from the non-Chinese side more than the Chinese side.

Gold, on the other hand, saw a real spike in volume and prices from the CNY denominated trading pair
if they really want to hedge global financial uncertainty, especially local currency devaluation, Tether is the go-to place.. instead of Bitcoin (sorry to let you guys down). BTC is more a long term hedge by some high net worth ppl

However, Tether is now at negative premium too
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